Inventing to Innovating
Editor | On 01, Jan 2010Message: 35
Posted by: George
Posted on: Thursday, 30th November 2006
Are there methods for taking a private invention and making it into an innovation? Thanks for any feedback.
George:An invention is something that has been produced or discovered from imagination or study and/or experimentation. An innovation is the introduction of something new. Therefore, inventions and innovations are certainly connected but one does not become the other.If you meant, “How can i make my invention into a commercial venture?”, then I can respond to that. First of all, a good idea is never enough. You not only need the entrepreneurial spirit but you also need the ability to execute a thoroughly developed business plan. You also need logistical excellence. The market has to be ready to accept your invention as well. Many things have been invented prior to the formation of a sustainable market (Ray Kroc invented self-service dining and it took a few decades for other restaurants to follow suite).If I were going to give the basic steps for the commercialization of a concept, I would present these:1. Identify an unmet societal need2. Develop a concept to meet that need3. Develop a market study4. Develop a business plan to bring concept to identified market5. Raise money6. Do the plan7. Evaluate and fix whatever didn't workThis is over-simplified and certainly not comprehensive but you probably get the point. Since I am no stranger to doing what I think you have asked (Ontro/OnTech self-heating container among others), please let me know how else I may be of assistance.Regards,Michael S. Slocum